Portage Announces Reliance on Temporary Regulatory Relief for Filing Q1 Interim Financial Statements

Toronto, Ontario--(Newsfile Corp. - August 28, 2020) -  Portage Biotech Inc. (CSE: PBT.U) (OTC Pink: PTGEF) ("Portage" or the "Company") wishes to announce that it will be utilizing the extension period provided under Ontario Instrument 51-505 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("Instrument 51- 505") and similar extension periods provided for by the Canadian Securities Administrators in the other provinces and territories of Canada for the filing of its interim financial statements and related management's discussion and analysis for the three-month period ending June 30, 2020 and related delivery requirements (the "Q1 Filings").

The delay in the Q1 Filings is due to the fact that the opening financial accounts for the period were not available until the recent filing of the Company's annual financial statements, also made in reliance on Instrument 51-505 (see the Company's news releases dated July 28 and August 24, 2020).

It is expected that the Q1 Filings will be filed on or before October 15, 2020. Until then, members of Portage's management and certain other insiders are subject to a trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company confirms that, other than disclosed in prior press releases, there have been no material business developments since August 24, 2020 (the date of the Company's news release announcing the filing of the Annual Filings).

About Portage Biotech Inc.

Portage is a unique entity in the world of biotechnology, enabling research and development to produce more clinical programs and maximize potential returns by eliminating typical overhead costs associated with many biotechnology companies. We nurture the creation of early- to mid-stage, first- and best-in-class therapies for a variety of cancers, by providing funding, strategic business and clinical counsel, and shared services, to enable efficient, turnkey execution of commercially-informed development plans. Our portfolio encompasses nine subsidiary companies whose products or technologies have established scientific rationales, including intratumorals, nanoparticles, liposomes, aptamers, cell penetrating peptides, and virus-like particles. In collaboration with our subsidiaries, we create viable product development strategies, to cost-effectively deliver best-in-class R&D, clinical trial design, and financial and project management, to ultimately build value and support commercial potential.

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities laws that involve various risks and uncertainties regarding future events, including, but not limited to, statements regarding the timing of completing the Q1 Interim Filings. Such information is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs and views of future events.

The forward-looking information is only predictions and involves known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: risks that the consequences associated with Covid-19 will result in additional delays in the preparation of the Q1 Interim Filings and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking information speaks only as of the date on which such statement is made and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking information to reflect events or circumstances after the date on which such information is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.

FOR MORE INFORMATION, PLEASE CONTACT:

Contact: Ian B. Walters, MD, Chief Executive Officer
Tel.: 203.221.7378
Email: ian@portagebiotech.com or
Website: www.portagebiotech.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62797